Imagine it. You've found the home you've been searching for. It's got all the features you need and it's in the perfect location. You ask your Realtor to write up a purchase contract only to find out the seller has accepted another offer. Oooff, now what?

One option is to submit a backup offer. If the seller agrees to the terms, then a clause will be written that yours will take immediate effect if the first (or second or third) purchaser in line does not meet their condition deadline.

This allows you to continue searching for another property while the first buyer on the first property tries to satisfy their conditions.

Exercise caution if you plan to write an offer on another property. Be sure you're protecting yourself from inadvertently buying two…

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